$BTC Abraxas Capital’s bold bet against the crypto surge is underwater, with their two wallets on Hyperliquid racking up a hefty $131 million in floating losses from shorting $BTC, $ETH, $SOL, $SUI, $HYPE, and $FARTCOIN with 10x leverage.

Despite earlier wins, like a $112 million profit in June 2025 from similar shorts, the current market boom has flipped the script, punishing their bearish stance as prices climb.

What do you think—will Abraxas Capital cut their losses or double down on these shorts hoping for a market reversal?